Cognitive and behavioral analysis of decision making: optimization and institutional decision making

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Aghdas Tinat Javad; POURFARAJ ALIREZA; KARIMI MOUGHARI ZAHRA

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Journal: Journal of Iran's Economic Essays; an Islamic approach Year:2020 | Volume:16 | Issue:32 Page(s): 121-147

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Title

Cognitive and behavioral analysis of decision making: optimization and institutional decision making

Author(s)

Aghdas Tinat Javad | POURFARAJ ALIREZA | KARIMI MOUGHARI ZAHRA | Issue Writer Certificate

Keywords

Institutional economicsQ1

institutional decision makingQ1

optimizationQ1

dual thinking systemQ2

cognitiveQ2

behavioral economicsQ2

Abstract

Orthodox microeconomics decision-making models are based on optimization but in the real world, most of decisions are institutionally and based on habits, rules and predetermined solutions. In this paper we have combined some concepts from cognitive-behavioral economics and new Institutional economics to characterize institutional decision-making. Evidences from cognitive and behavioral economics show that the mental costs of direct optimization, even in simplest forms, are high and agents tend to make decisions institutionally to reduce this mental costs. Coase and Williamson argue that "non-zero transaction costs" can result “ hierarchy” replaced instead of “ market” and similarly we argue that "non-zero decision making costs" can result “ institutional decision making” replaced instead of “ direct optimization” . Religious behavior is a kind of institutional behavior (following religious rules and habits) and considering this view that institutional decision making and direct optimization both are important and both have distinctive roles in decision making process can influence microfoundations of Islamic economics.

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APA: Copy

Aghdas Tinat, Javad, POURFARAJ, ALIREZA, & KARIMI MOUGHARI, ZAHRA. (2020). Cognitive and behavioral analysis of decision making: optimization and institutional decision making. JOURNAL OF ECONOMIC ESSAYS, 16(32 ), 121-147. SID. https://sid.ir/paper/379332/en

Vancouver: Copy

Aghdas Tinat Javad, POURFARAJ ALIREZA, KARIMI MOUGHARI ZAHRA. Cognitive and behavioral analysis of decision making: optimization and institutional decision making. JOURNAL OF ECONOMIC ESSAYS[Internet]. 2020;16(32 ):121-147. Available from: https://sid.ir/paper/379332/en

IEEE: Copy

Javad Aghdas Tinat, ALIREZA POURFARAJ, and ZAHRA KARIMI MOUGHARI, “Cognitive and behavioral analysis of decision making: optimization and institutional decision making,” JOURNAL OF ECONOMIC ESSAYS, vol. 16, no. 32 , pp. 121–147, 2020, [Online]. Available: https://sid.ir/paper/379332/en

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